Royal Bank of Canada Reaffirms Outperform Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a note issued to investors on Tuesday,Benzinga reports. They presently have a $80.00 target price on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 39.25% from the company’s previous close.

Several other research firms also recently issued reports on GTLB. Mizuho dropped their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday. The Goldman Sachs Group increased their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Piper Sandler upped their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price objective on shares of GitLab in a report on Tuesday. Finally, Wells Fargo & Company boosted their target price on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.50.

GitLab Stock Performance

Shares of NASDAQ GTLB traded up $1.20 during mid-day trading on Tuesday, hitting $57.45. 2,452,138 shares of the stock were exchanged, compared to its average volume of 2,801,767. The stock’s fifty day simple moving average is $64.30 and its two-hundred day simple moving average is $58.69. GitLab has a twelve month low of $40.72 and a twelve month high of $74.18. The company has a market cap of $9.32 billion, a P/E ratio of -178.30 and a beta of 0.63.

Insider Transactions at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $16,411,054.77. The trade was a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock valued at $44,710,867 over the last 90 days. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Large investors have recently added to or reduced their stakes in the business. Creative Planning bought a new position in shares of GitLab in the third quarter valued at $208,000. US Bancorp DE grew its holdings in GitLab by 18.6% in the 3rd quarter. US Bancorp DE now owns 11,553 shares of the company’s stock valued at $595,000 after buying an additional 1,808 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in GitLab by 4.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock valued at $1,879,000 after purchasing an additional 1,388 shares during the period. NorthRock Partners LLC acquired a new stake in shares of GitLab during the 3rd quarter worth approximately $252,000. Finally, M&G PLC lifted its holdings in GitLab by 2.9% during the 3rd quarter. M&G PLC now owns 211,361 shares of the company’s stock valued at $10,991,000 after purchasing an additional 6,039 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

About GitLab

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.